Quoting Buffett

Some quotes gathered by WSJ from the ongoing Berkshire meeting:

On efficient market hypothesis:

“There’s this holy writ, the efficient market theory. How do you teach your students everything is priced properly? What do you do for the rest of the hour?”

On complex calculations for valuation:

“If you need to use a computer or a calculator to make the calculation, you shouldn’t buy it.”

“If you stand up in front of a business class and say a bird in the hand is worth two in the bush, you won’t get tenure…. Higher mathematics my be dangerous and lead you down pathways that are better left untrod.”

His view on Moody’s and Andrew Ross Sorkin’s coverage via Twitter after the jump.

On modern investment:

“There is so much that’s false and nutty in modern investing practice and modern investment banking, that if you just reduced the nonsense, that’s a goal you should reasonably hope for.”

On his big stake in Moody’s:

“They made a huge mistake, and the American people made a huge mistake.”  He added, that the firm would have been viled had they taken a negative view on the housing market that was fueling so much development in the economy.

From Andrew Ross Sorkin’s (Twitter @andrewrsorkin) coverage of the meeting:

Buffett said he’d love to buy all of Wells Fargo and USB but he does not have the money to do so.

He also said the newspaper is no longer an essential business. To which Andrew had to release a sigh. (lol)

Buffett believed the government did a good job back in September.

He liked Jamie Dimon’s annual letter, calling it fabulous.

According to the Oracle, he couldn’t have stopped Moody’s.

It is also understandable, he said, why Paulson put pressure on Lewis.


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